Glass Wall Systems IPO
ListedMainboardOpens 8 September 2026Closes 10 September 2026
Originally founded in 2002 as a partnership firm and incorporated as a company in 2010, Glass Wall Systems (India) Limited is a leading architectural façade solutions and fenestration engineering provider in India with…
Originally founded in 2002 as a partnership firm and incorporated as a company in 2010, Glass Wall Systems (India) Limited is a leading architectural façade solutions and fenestration engineering provider in India with international operations spanning the United States and Australia. The company's business is structured across three core verticals: Domestic Façade Solutions (design, engineering, fabrication, and EPC installation for landmark commercial and residential developments), International Façade Products Supply (manufacturing sustainable unitized curtain wall panels for overseas contractors), and Premium Fenestration Solutions (luxury architectural doors, windows, skylights, and partition systems marketed under the 'ORIA' brand via subsidiary Yes Systems). Supported by an integrated manufacturing setup at Vile Bhagad, Maharashtra, the company has completed over 150 marquee projects globally, including The Capital, Kohinoor Square, and Lodha World One in India, alongside major architectural towers across Chicago and New York.
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Key ratios
As per RHP / filingsTimeline
IPO Opens
8 Sept 2026
IPO Closes
10 Sept 2026
Allotment
11 Sept 2026
Listing
16 Sept 2026
IPO Timeline & Listing Details
| Event | Date |
|---|---|
| IPO Open Date | 8 September 2026 |
| IPO Close Date | 10 September 2026 |
| Allotment Date | 11 September 2026 |
| Listing Date | 16 September 2026 |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Retail (Min) | 1 | ₹14,924 |
Retail (Max)Just less than ₹2,00,000 | 13 | ₹1,94,012 |
SHNI (Min)Just above ₹2,00,000 | 14 | ₹2,08,936 |
SHNI (Max)Below ₹10,00,000 | 67 | ₹9,99,908 |
BHNIAbove ₹10,00,000 | 68 | ₹10,14,832 |
IPO Reservation Details
| Category | Reservation |
|---|---|
| QIB (Qualified Institutional Buyer) | 50.00% |
| NII (Non-Institutional Investor) | 15.00% |
| SHNI (Small Non-Institutional Investor) | 5.00% |
| BHNI (Big Non-Institutional Investor) | 10.00% |
| Retail | 35.00% |
| Total | 100.00% |
IPO Objectives
- Funding capital expenditure requirement for setting up of a glass processing unit (GPU Project) as part of planned backward integration of the Company at Vile Bhagad Facility (₹60.00 Cr).
- General Corporate Purposes.
Strengths
- Pioneer and market leader in India's complex architectural façade solutions and fenestration industry with over 20 years of technical track record and 150+ completed landmark structures.
- Diversified business model balancing domestic turnkey EPC façade installations, international supply to USA and Australia, and high-margin luxury fenestration systems.
- Robust financial trajectory with revenue from operations expanding 64.18% YoY to ₹456.97 Cr and PAT advancing 45.69% YoY to ₹83.79 Cr in FY26 alongside high capital return ratios (RoNW of 32.03% and ROCE of 43.01%).
- Planned backward integration via an in-house Glass Processing Unit (GPU) at Vile Bhagad to improve margin capture, supply security, and project turnaround times.
Weaknesses
- High customer concentration risk, with top 10 clients generating 86.40% and top 3 clients contributing 56.75% of FY26 revenue from operations.
- Single-location manufacturing dependency at Vile Bhagad, Maharashtra, leaving production exposed to regional disruption risks.
- Absence of long-term supply agreements for primary materials (aluminium extrusions, architectural glass, structural silicone), creating exposure to market price fluctuations.
- Working capital intensity with extended collection cycles (88 trade receivable days) and substantial retention monies (₹35.96 Cr outstanding in FY26) locked across defect liability periods.
Financial Performance
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets (₹ Cr.) | 468.38 | 316.63 | 281.76 |
| Revenue (₹ Cr.) | 471.43 | 288.14 | 310.26 |
| PAT (₹ Cr.) | 83.79 | 57.51 | 20.25 |
| Net Worth (₹ Cr.) | 261.58 | 175.75 | 122.6 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| Glass Wall Systems | 5.89 | 19.1 | 32.03% | 261.58 |
| Innovators Façade Systems | 1.23 | 15.85 | 7.75% | 92.84 |
Subscription Details
Daily Bids Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0.01x | 0.3x | 167.93x |
| NII | 3.03x | 12.41x | 79.71x |
| S-HNI | 5x | 18.91x | 91.33x |
| B-HNI | 2.05x | 9.16x | 73.9x |
| RII | 3.82x | 10.96x | 33.17x |
| Total | 2.56x | 8.23x | 81.65x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 47,02,085 | 78,96,08,094 | 14,370.87 |
| NII | 35,26,564 | 28,11,03,790 | 5,116.09 |
| Small NII | 11,75,521 | 10,73,56,450 | 1,953.89 |
| Big NII | 23,51,043 | 17,37,47,340 | 3,162.2 |
| RII | 82,28,649 | 27,29,45,610 | 4,967.61 |
| Total | 1,64,57,298 | 1,34,36,57,494 | 24,454.57 |
Company Details
- Glass Wall Systems (India) Limited
- 503-504, 5th Floor, A Wing, Marathon Futurex, Mafatlal Mills Compound, N.M. Joshi Marg, Lower Parel (East), Mumbai - 400 013, Maharashtra, India
- +91 22 6103 3456
- compliance@glasswallsystem.com
- https://www.glasswallsystems.in
Registrar Details
- MUFG Intime India Private Limited
- +91 810 811 4949
- glasswallsystems.ipo@in.mpms.mufg.com
- https://www.in.mpms.mufg.com/
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Glass Wall Systems IPO News & Updates
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Glass Wall Systems IPO IPO Pages
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Glass Wall Systems IPO Details
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Glass Wall Systems IPO GMP
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Glass Wall Systems IPO Subscription
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Glass Wall Systems IPO Allotment
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Sources
We match Glass Wall Systems IPO IPO numbers with official sources. For final dates and allotment results, double-check the registrar or exchange.
- SEBIRules for IPO allotment and disclosures in India
- NSEExchange notices, bidding data, and listing updates
- BSEExchange notices and IPO allotment check tools
- RHP / Offer DocumentCheck the company RHP on NSE/BSE or the IPO detail page
- MUFG Intime India Private LimitedOfficial site to check allotment status for this IPO
Also read our Editorial Policy, How GMP is calculated, How allotment chances work, and IPO fund allocation.
Reviewed by
Dinesh Agrawal · Lead IPO Analyst
15+ years in Indian markets and IPO research. He reviews IPO dates and key details before they go live.